Canada home sales low for third month in a row

By anna smith

For the third month in a row in July, sales of existing Canadian homes dropped, data showed on Monday. These results come as fewer homes were sold in Vancouver and elsewhere in British Columbia, some of the hottest markets in the country.

Regardless, home prices kept increasing, lifted by a surge in prices in Vancouver and Toronto, the Canadian Real Estate Association (CREA) said.

Seasonally-adjusted property sales fell 1.3 percent from June to July. Sales had fallen in just over half of all markets in July, led by the Greater Vancouver area and the Fraser Valley in British Columbia. Sales in these regions have dropped by 21.5 percent and 28.8 percent respectively since peaking in February.

"It's still a two-horse race in the Canadian housing market if you lump in the areas surrounding Vancouver and Toronto," Robert Kavcic, senior economist at BMO Capital Markets, wrote in a note.

The number of new listings on the market increased by 1.2 percent. This has helped the sales-to-new listings fall to 61.6 percent after peaking at 65.3 percent in May.
 

Follow @BizReviewCANADA

Read the August 2016 issue of Business Review USA & Canada magazine

SOURCE: [Reuters]

 

Share

Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital